Marwest Enterprises has broken ground on Elliot 202, a two-building, 1.1 million-square-foot speculative industrial campus in Mesa, Ariz., according to Phoenix Business Journal. With Willmeng Construction serving as the project’s general contractor and Ware Malcomb as architect, completion is expected in the first quarter of 2022.
Elliot 202 is the largest speculative development underway in Mesa, accounting for more than half of the city’s current pipeline. CommercialEdge data shows some 1.9 million square feet of industrial space was under construction in Mesa as of May.
The industrial development is taking shape on a 74-acre site at 8450 and 8604 E. Elliot Road within the Southeast Valley submarket. The developer took out a $57 million construction loan from Western Alliance Bank to finance the project, according to CommercialEdge data.
Upon completion, the light industrial buildings of 460,320 and 619,920 square feet, respectively, will have 40-foot maximum clear heights and 60-foot speed bays. The campus will also feature 135- and 140-foot truck courts, as well as trailer parking across 8.5 acres. CBRE was tapped to handle all leasing at the property.
Elliot 202 is roughly 15 miles southeast of downtown Mesa within the Elliot Road Technology Corridor, just west of Loop 202. Phoenix-Mesa Gateway Airport is 6 miles south.
Marwest is an active developer of industrial product in and around Mesa. The firm is behind the Landing-branded developments, three neighboring properties totaling 1.4 million square feet of space across 16 buildings. In December, Marwest sold Landing 202, a 603,903-square-foot industrial property on East Ray Road, for $81 million.
Also located on Ray Road is the development site of ElectraMeccanica’s upcoming 235,000-square-foot facility that Marwest will be building near Phoenix-Mesa Gateway Airport.
Another industrial project planned for Mesa is the result of a joint venture between LaPour Partners and Scottsdale Investment Management. In April, the partnership announced a 1.5 million-square-foot industrial park to come online on a 101-acre parcel at the intersection of Loop 202 and Sossaman Road.
Phoenix continues to lead the way in industrial development. According to a recent CommercialEdge report, nearly 14 million square feet of industrial space was under construction in the metro as of March, accounting for 5.4 percent of total stock. On a national level, new supply accounts for only 2.6 percent of total stock.